Tax Reform Pushed to December

The deadline for tax reform legislation has been pushed yet again to a later date. Roll Call reported that Senator Dean Heller (R-NV) of the Senate Finance Committee expects to pass tax reform around Christmas Eve. In an interview with Financial Times, White House Chief Economic Adviser Gary Cohn also predicts tax reform will be done and signed into law by the end of the year. He said that starting next week, tax reform will be the White House’s number one priority. The administration wants to protect three big deductions – charitable, mortgage, and retirement savings – while eliminating state and local tax deductions and other itemized deductions.

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